Usha martin Q4 FY24 results _Flat
Revenue declined marginally by 1.3% ( Annual rev from Rs 3268 to Rs 3225) and 3.3% down on Y-O-Y
EBITDA down marginally 1.6% (Y-O-Y) and 3.5% (Q-O-Q) . Margin up by 16.6% annually courtesy specialised Wire rope division rev.
Wire Rope Divn contribute 71% overall Rev which cushions the fall in LRPC and Wire & Strand division.
FY 24 PAT increases by 21 % over FY 23 while quarterly PAT increased by 1%.

Consolidated Performance Overview – Q4 FY24 vs. Q4 FY23:
• Revenue from operations decreased by 3.1% to Rs. 829.0 crore in Q4 FY24
o Although both the Wire & Strand and LRPC segments witnessed declines, the consistent
performance from core Wire Rope segment supported overall revenues
• Q4 FY24 Operating EBITDA stood at Rs. 151.5 crore as against Rs. 154.0 crore, lower by 1.6%
o Operating EBITDA margin was recorded at 18.3% in Q4 FY24 compared to 18.0% in Q4 FY23
o EBITDA margins including other income for Q4FY24 stood at 19.4% compared to 19.3% in Q4FY23
• In Q4FY24, PBT amounted to Rs. 136.4 crore, a 4.1% Y-o-Y decrease from Rs. 142.3 crore
• PAT amounted to Rs. 106.3 crore in Q4 FY24 from Rs. 105.3 crore, up 1.0%
• Basic EPS stood at Rs. 3.49 for the quarter as against Rs. 3.4

Consolidated Performance Overview – FY24 vs. FY23:
• Revenue from operations decreased by 1.3% to Rs. 3,225.2 crore
o Although both the Wire & Strand and LRPC segments witnessed declines, the consistent
performance from core Wire Rope segment supported overall revenues
• Operating EBITDA stood at Rs. 598.6 crore as against Rs. 513.3 crore, increasing 16.6%
o Operating EBITDA margin for the period was 18.6% vs. 15.7%
o EBITDA margins including other income stood at 19.8% in FY24 as against 16.6% in FY23
• PAT stood at Rs. 424.1 crore as against Rs. 350.6 crore, up by 21.0%
• Basic EPS stood Rs. 13.92 for FY24 as against Rs. 11.51 in FY23
• Operating cash flow before tax in FY24 stood at Rs. 560.5 crore as against Rs. 345.5 crore in FY23.
Operating cash flow before tax to Operating EBITDA in FY24 recorded a healthy improvement, standing at 94% compared to 67% in FY23

Commenting on the performance Mr. Tapas Gangopadhyay, Non-Executive Director said, FY 2024 ended on a positive note with robust operating cash flows reflecting strong performance.
Despite facing macro-economic challenges, the Company managed to generate an 18.6%
EBITDA margin during the year. Notably, core wire ropes division continued to perform well and
contributed 71% to our overall consolidated revenues.

Capex Program
The wave-1 capex program at our Ranchi facility is progressing well and we anticipate commercial operations to commence from Q1 FY25 onwards. These new capacities are mainly focused on enhancing the Company’s value-added segment. The facility to be ramped up over the next 9-12 months and to contribute meaningfully to the performance over the next two years.
FY24 also saw notable advancements in strategic initiatives, including enhancements in value-added offerings, deepening engagement with OEMs and expansion of our international presence.
Usha Martin’s solid foundation and strategic focus position well to drive sustained growth, enabling to strengthen position as a leading global player in the wire rope sector. Additionally, our healthy balance sheet gives us the flexibility to support ongoing growth initiatives. Through targeted initiatives, we aim to create lasting value for all our stakeholders, foster innovation, and expand our reach across international markets.

Discl: Invested

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